Mortgages Moose Jaw - Compare Providers
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 |  | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 1 | 1620777600 |  | Up to $35,000 | 9.99% – 35% | 6 – 60 | ||
| 3 | 1670889600 |  | $1,000 – $15,000 | 19.9% – 34.9% | – | ||
| 5 | 1543622400 |  | Up to $60,000 | 19.99% – 34.99% | 6 – 120 months | ||
| 6 | 1545264000 |  | $500 – $100,000 | 29.99% – 35% | 9 – 84 | ||
| 7 | 1552262400 |  | $500 – $18,000 | 29.9% or 34.28% | 6 – 60 | ||
| 8 | 1545264000 |  | $500 – $10,000 | 12.99% – 34.99% | 9 – 60 months | ||
| 9 | 1692748800 |  | Up to $500 | 0% | Up to 65 days | ||
| 10 | 1666051200 |  | $250 | 0% | – | ||
| 11 | 1568937600 |  | Up to $10,000 | Varies by product | Varies by product | ||
| 12 | 1545350400 |  | Up to $7,000 | 35% | 6 – 60 | ||
| 14 | 1579478400 |  | $850 – $1,600 | 19.8% – 34.95% | 36 months | ||
| 15 | 1545350400 |  | $500 – $1000 | Up to 32% | 3 | ||
| 17 | 1580774400 |  | $1,000 – $25,000 | 8.99% – 34.99% | 36 or 60 | ||
| 19 | 1582243200 |  | – | – | Up to 60 | ||
| 20 | 1548720000 |  | $500 – $1,000,000 | 7.9% | 12 | ||
| 22 | 1683676800 |  | $15,000 | 6.7% | Up to 60 | ||
| 23 | 1551139200 |  | Up to $15,000 | 34.99% | Open-end | ||
| 23 | 1700524800 |  | Up to $25,000 | 24.99% – 29.99% | 30 or 60 | ||
| 24 | 1607558400 |  | $500 – $50,000 | Varies | 6 – 60 |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 1 | 1545955200 |  | $1,000 – $300,000 | 5.49% – 22.79% | 12 – 60 | ||
| 2 | 1669852800 |  | $10,000 – $300,000 | – | 3 – 24 | ||
| 3 | 1725321600 |  | Up to $40,000 | $0.75 per $1,000 per day | – | ||
| 4 | 1545177600 |  | $5,000 – $500,000 | 4.96% – 24.93% | 1 – 60 | ||
| 5 | 1545177600 |  | $5,000 – $300,000 | 9% – 35% | Varies by product | ||
| 6 | 1545350400 |  | $15,000 – $1,500,000 | – | 6 – 36 | ||
| 7 | 1714089600 |  | $10,000 – $2,000,000 | 10%+ | Up to 36 | ||
| 8 | 1714089600 |  | $10,000 – $20,000,000 | – | – | ||
| 8 | 1545264000 | | $500 – $10,000 | 12.99% – 34.99% | 9 – 60 months | ||
| 24 | 1607558400 | | $500 – $50,000 | Varies | 6 – 60 | ||
| 100 | 1548720000 |  | Up to $100,000 | – | – | ||
| 100 | 1548720000 |  | $10,000 – $300,000 | – | – | ||
| 100 | 1550534400 |  | $1,000 – $1,000,000 | 6% – 20% | – | ||
| 100 | 1550534400 |  | – | – | – | ||
| 100 | 1550534400 |  | $5,000 – $200,000 | – | – | ||
| 100 | 1551398400 |  | $3,500+ | – | – | ||
| 100 | 1552262400 |  | Up to $1,000,000 | – | – | ||
| 100 | 1575590400 |  | – | – | – | ||
| 100 | 1575590400 |  | – | – | – |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | Up to $50,000 | Prime – 35% | 3 – 120 | ||
| 1 | 1560124800 |  | Up to $100,000 | 3.99% - 19.9% | 24 -96 | ||
| 3 | 1632960000 |  | Min. $10,000 | 6.93% – 19.99% | 18 – 96 | ||
| 6 | 1582761600 |  | – | – | – | ||
| 6 | 1569974400 |  | – | Up to 29.99% | 12 – 96 | ||
| 8 | 1545264000 | | $500 – $10,000 | 12.99% – 34.99% | 9 – 60 months | ||
| 8 | 1624233600 |  | $5,000 – $75,000 | – | 12 – 96 | ||
| 24 | 1607558400 | | $500 – $50,000 | Varies | 6 – 60 | ||
| 100 | 1548633600 |  | – | Starting at 4.2% | – | ||
| 100 | 1551830400 |  | Starting at $5,000 | – | – | ||
| 100 | 1551830400 |  | – | – | – | ||
| 100 | 1561507200 |  | – | – | – | ||
| 100 | 1575590400 |  | – | – | – | ||
| 100 | 1575849600 |  | $5,000 – $45,000 | 4.90 % – 29.95% | – | ||
| 100 | 1575849600 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1578873600 |  | – | Starting at 10.99% | – | ||
| 100 | 1578873600 |  | – | – | – | ||
| 100 | 1579478400 |  | – | – | – |
| Provider | Loan Amount | Rate | Term (Months) | Rating | |||
|---|---|---|---|---|---|---|---|
| 0 | 0 | | N/A | N/A | N/A | ||
| 1 | 1517097600 |  | $10,000 – $500,000 | Starting at 10% | – | ||
| 2 | 1688601600 |  | Min $110,000 | 4.14% – 6.29% | 24– 120 | ||
| 3 | 1726531200 |  | $5,000 + | 6% – 16% | 12 – 60 | ||
| 4 | 1690934400 |  | – | – | – | ||
| 5 | 1700524800 |  | – | - | - | ||
| 7 | 1708473600 |  | – | – | – | ||
| 100 | 1574899200 |  | – | 4.24% – 6.30% | – | ||
| 100 | 1577059200 |  | – | – | – | ||
| 100 | 1578873600 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580860800 |  | – | – | – | ||
| 100 | 1580688000 |  | – | – | 6 – 60 | ||
| 100 | 1580860800 |  | – | 2.99% – 5.49% | 6 – 60 | ||
| 100 | 1579478400 |  | – | 4.54% – 7.49% | 6 – 120 | ||
| 100 | 1548720000 |  | – | – | 12 – 60 | ||
| 100 | 1574899200 |  | – | – | 12 – 60 | ||
| 100 | 1627344000 |  | – | 4.50% – 5.97% | 12 – 60 |
| Provider | Services | Rating | |||
|---|---|---|---|---|---|
| 0 | 0 | | Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation | ||
| 100 | 1576454400 |  | Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring | ||
| 100 | 1576368000 |  | Credit Counselling, Debt Management Program | ||
| 100 | 1576540800 |  | Credit Counselling, Debt Management Program | ||
| 100 | 1576540800 |  | Credit Counselling, Bankruptcy, Consumer Proposal |
Having and owning a home is something most people dream about. While many consumers are able to accomplish this and eventually purchase a home, it certainly isn’t cheap. Even in a relatively small town in Canada such as Moose Jaw (which falls well outside the top 100 cities by size in the country), homes still cost hundreds of thousands of dollars.
Thankfully, mortgages exist and can make it easier for more people to afford homes. Mortgages allow you to borrow money to purchase a home, to save you from a massive six-figure cost all at once. Whether you are looking for mortgages in Moose Jaw or just want to learn a little more, you’ve come to the right place.
Types of Mortgages Available in Moose Jaw
So what types of mortgages in Moose Jaw are available? If you have 20% down, you can likely be approved for a standard or conventional mortgage, but if you can only make a down payment between 5% and 19%, you will need a high ratio mortgage. As far as the mortgages themselves, there are two main “types”, open and closed.
Open Mortgages
An open mortgage is flexible and allows you to pay it off whenever you want, and as quickly as you want. This has the potential to save you money on interest over time, but the interest rates themselves on open mortgages are usually higher.
Closed Mortgages
A closed mortgage is one that prevents you from paying off the mortgage before the term is over. While this may mean you spend more on interest, the interest rate you get is likely to be lower than with an open mortgage.
How much flexibility do you need in your mortgage? Learn more here.
Fixed-Rate vs. Variable Rate Mortgages
Another way to look at the different types of mortgages is to look at their interest rates, and whether they are fixed or variable. A fixed-rate mortgage will have the same rate throughout your mortgage term, allowing for the easier predicting of future costs. Your rate will remain stagnant and there will be no surprises. However, a variable rate is an interest rate that fluctuates with the market. This means you will often pay less than with a fixed rate, but also have the potential to pay more.
There are also convertible rate mortgages, HELOCs, hybrid mortgages, etc.. If you want to learn more about these more uncommon types of mortgages available, be sure to reach out to us or a trusted expert in your area.
How to Compare Mortgage Offers
Now that you’re aware of the types of mortgages you can get in Moose Jaw, how do you compare mortgages in Moose Jaw? Of course, one of the first things to look at when comparing mortgages is to look at the interest rates. The lower the interest rate, the cheaper your mortgage will be over time. While a 1% difference in interest rate might not seem like a lot, it could add up to thousands and thousands of dollars over the lifetime of your mortgage.
However, simply having a low-interest rate doesn’t always mean that a mortgage is the best option for you. In addition to interest rates, there are several other things you need to be sure to look at and consider. These include:
- Amortization period
- Term
- Is it open or closed?
- Is the rate fixed or variable
- The lender itself
- Any penalties you might be open to
- Prepayment options
You need to go over which of these is most important to you and what you want out of a mortgage, as the needs of everyone are different. The last thing you want to do is simply go with a loan that your friend recommends, as it might not be right for you. It can take some time to find the right loan, but it is well worth it in the end.
Is the lowest mortgage rate always the best option?
How to Save For a Down Payment
A down payment is an incredibly important part of getting a mortgage in Moose Jaw. The down payment is essentially the money you put toward the home upfront. The larger your down payment, the less risky you are to lenders, and the less you have to borrow for the home. Also, having a down payment of 20% or more allows you to skip out on paying CMHC insurance, which can be thousands of dollars in some cases.
Unfortunately, 20% of your mortgage amount can often be tens of thousands of dollars, which most people simply don’t have laying around to use for a down payment. Here are a few steps you can take to start saving for a down payment to purchase a house:
- Cutting out unnecessary monthly bills (streaming services, cable, etc.)
- Working more or longer hours
- Pay off all high-interest debt as soon as possible
- Make a budget and stick to it
- Sell things you don’t need or use or downsize where possible
Basically, anything you can do to have more money in your pocket and change your financial situation for the better is ideal. While it won’t happen overnight and will take some sacrifice, it is certainly possible to save up for a down payment if you go about it the right way.
Credit Score Required for a Mortgage
In addition to a down payment of some kind, many lenders who offer mortgages in Moose Jaw also want you to have decent credit. But just what is the credit score required for a mortgage? Each lender may be different and the situation can always be unique, but generally, a credit score between 620-650 on a low end is required to get approved for a mortgage. Keep in mind that credit scores range from 300 to 900 in Canada.
Your credit score is a quick snapshot of your overall credit health. A higher credit score means you’ve made responsible credit decisions and will be seen as a lower risk to potential lenders and creditors. If your score is low, there are several things you can do to bring it up to that 620-680 range, which include:
- Making your payments on time and in full
- Being sure to use your credit responsibly
- Checking your credit report for errors
- Keeping your utilization ratio under 30%
- Ensuring old credit accounts are kept open
Of course, it is important to remember that your credit score is only one small part of what a lender will consider before offering you a mortgage, so don’t solely focus on your credit score in your effort to be approved.
Take a look at our credit score infographic to learn more.
Alternative Options for Bad Credit Individuals
If you don’t have the credit score needed to get approved for a traditional mortgage in Moose Jaw, there are other alternative options available.
Private Lenders
Private lenders offer a wider variety of mortgage solutions for Canadians who have been rejected by their banks or other more traditional lending institutions. Private mortgage lenders can take on more risk and have fewer rules and requirements, this means they can approve more consumers with less than perfect credit. With a private lender, you will likely be offered a higher interest rate but will be able to work to improve your credit score over time, making it easier to get approved for lower rates in the future.
Cosigners
Another option for those with bad credit is to get a cosigner. A cosigner is essentially someone who will sign your loan with you, and be responsible for the loan if you miss any payments. While this can help you get a loan easier, it can be very risky for the cosigner, which is why finding one can be difficult. If you do find someone willing to cosign a mortgage, be sure not to abuse their kindness and do everything you can to make all of the payments on time.
Of course, while it can take a while, the right lifestyle changes can eventually lead to a credit score improvement, even if you’re struggling with it now.
The Hidden Costs of Buying a Home
While a mortgage in Moose Jaw is one of the largest costs of buying and owning a home, it isn’t the only one. In fact, there are many other costs associated with buying a home that you need to be sure you’re aware of. These costs can range from small and relatively insignificant, to huge costs that can disrupt your life. These costs include:
- Taxes (property, land transfer, school, etc…)
- House insurance
- Maintenance
- Home inspection
- Legal fee
Being aware of these expenses before you decide to purchase a house will allow you to make sure you’re financially prepared to handle them and cut back on any surprise bills that could cause issues.
The Right Mortgage For Your Needs
If you are interested in finding a mortgage in Moose Jaw or learning more about your options, we’re here to help. Don’t hesitate to reach out to Loans Canada, we can help match you with the best mortgage option or service provider to need your needs.
